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Andrea Orcel, president of UBS’ investment bank, has a handy metaphor for the current chaos on Wall Street, and the opportunity it presents.
“I tell the team here that it is like a Formula One race,” Orcel told Business Insider.
“When we’re in the dry, and everyone has the same tires, and it is a circular track, the most powerful car usually wins. Right now, we’re in the wet, we’re on a challenging racetrack, and so the size of the engine is less relevant. It is all about how you drive the car. It is all about innovation and execution.”
Global macro hedge fund manager Hugh Hendry, who was once a famous China bear, says the world would be “over” if China devalued its currency by 20%.
Hedge fund billionaire Bill Ackman, founder of $12 billion Pershing Square Capital, is having the worst year in his fund’s history.
Here are the top Wall Street headlines at midday:
Goldman Sachs has a new plan to make more money while everyone else is getting crushed – Banks embark on cross-selling initiatives all the time. They always want to do as much business with their best clients as possible. But it seems that Goldman’s push is a little bit more strategic.
Caterpillar is getting slammed by the global economy – Caterpillar announced forecasts for first-quarter sales and profits Thursday that trailed analysts’ estimates.
Wall Street banks are competing to woo junior bankers, and Citigroup just stepped it up a notch – When one Wall Street bank announces a new initiative, others tend to follow pretty quickly.
Fed holds rates, says the global economy is still in peril – The Federal Reserve’s policy-setting committee left its benchmark interest rate unchanged at its two-day meeting.
We just had a look inside Tesla’s first sales and service center in Brooklyn, New York, ahead of its grand opening — here’s what we saw – Tesla Motors’ new sales and service center in the Red Hook neighbourhood of Brooklyn, New York, is opening this Friday to the public.